Posts tagged with "haircut"

January 28th, 2018By George Koumoullis
THE establishment is the elite of a country which controls politics, economics, culture and other essential sectors. The people that make up the establishment in Cyprus are the politicians – mainly the party leaders – the archbishop and the rest of the high-ranking clerics, the State Legal Service, the...

December 20th, 2017Presidential hopeful Nicolas Papadopoulos’ bid to score points against incumbent Nicos Anastasiades by raising the issue of the 2013 deposit seizures appeared to have backfired on Tuesday as documents and public statements failed to back his claims.
The matter started creeping into the agenda last Friday with claims of the discovery...

October 30th, 2017By Stelios Orphanides and Evie Andreou
With elections approaching, lawmakers, in a rare show of solidarity, appeared on Monday to be leaning towards the idea of setting up a fund to compensate depositors and investors who lost money in the 2013 banking crisis, and agreed to discuss it behind closed doors at the House finance committee...

October 22nd, 2017DEBATE among the parties over the 2013 haircut on deposits flared up again this week after the publication of a book, A Diary of the Euro Crisis: Lessons for Bank Recovery and Resolution, by the governor of the central bank at the time, Panicos Demetriades.
This debate undoubtedly is causing great confusion because each party, guided...

October 18th, 2017President Nicos Anastasiades must answer the questions raised by former Central Bank governor Panicos Demetriades, instead of hiding behind slogans, main opposition leader Andros Kyprianou said on Wednesday.
He was referring to a public row kick-started by the publication of Demetriades’ new book, ‘A Diary of the Euro Crisis in...

September 12th, 2017With election campaigning gradually intensifying, main opposition Akel and the government exchanged barbs on Tuesday over the state of the economy some five years after Nicos Anastasiades took office.
Akel spokesman Stephanos Stephanou accused the administration of lacking credibility, saying their pledges were a joke.
He blamed...

June 23rd, 2017A proposal for the creation of a compensation and social cohesion fund to compensate depositors and bondholders who lost money in the 2013 ‘haircut’, was tabled at Friday’s House plenum by Disy leader Averof Neophytou.
The aim of the fund, Neophytou’s proposal said, was to compensate bank depositors who lost money in March...

September 29th, 2016Scores of pensioners staged a protest Thursday morning in the centre of Nicosia demanding that their benefits that have been slashed by more than 30 per cent are restored to pre-haircut levels.
The event, organised by the Akel affiliated Cypriot Pensioners Association Ekysy took place on Ledra Street in the centre of the capital, to...

September 25th, 2016Bondholders who lost money during Cyprus’ banking crisis said on Sunday they would step up measures for compensation but called off a mass protest planned outside the finance ministry in Nicosia until President Nicos Anastasiades returns from abroad.
The bondholders held a meeting on Sunday in Chlorakas in Paphos. They want to be...

September 22nd, 2016By Alper Riza QC
ON SEPTEMBER 20, 2016 the Court of Justice of the EU ruled that in negotiating the conditions under which Cyprus received financial assistance in 2013 the European Commission had a duty to ensure that the conditions were compliant with EU law.
Furthermore, the Court of Justice also decided that the condition that...

September 20th, 2016The European Court of Justice on Tuesday upheld a previous judgement that dismissed actions calling for the annulment of a March 2013 decision to seize bank deposits as part of Cyprus’ bailout agreement.
The ECJ set aside the orders of November 10, 2014 concerning the actions for compensation, but decided, on the merits, not to...

August 2nd, 2016The state is gradually reaching a point where it can afford to compensate, at least in part, people who lost money in the 2013 banking meltdown and the ensuing economic crisis, but should be careful to do so without causing fiscal or financial derailment, ruling DISY said on Tuesday.
Speaking to reporters after a meeting with...

June 8th, 2016President of the European Parliament Martin Schulz, acting on behalf of Chancellor Angela Merkel, asked Cypriot lawmakers to postpone a crucial vote on a proposed levy on insured and uninsured deposits to recapitalise Cypriot banks in March 2013, former House Speaker Yiannakis Omirou said on Tuesday.
Speaking on Sigma TV channel’s...

April 21st, 2016EU courts have no jurisdiction to hear actions for annulment against the Eurogroup statement of March 2013 or the Memorandum of Understanding (MoU) as neither of these texts can be attributed to the European Commission or the European Central Bank, a legal opinion ruled on Thursday.
The case before the Court of Justice of the European...

April 19th, 2016Other than ruling DISY, the response to President Nicos Anastasiades’ news conference on Monday night by the political parties was predictably negative.
During the televised conference, Anastasiades said his pledge about deposits haircuts made in March 2013 was probably his biggest mistake “simply because, not knowing the...

March 20th, 2016WE are now in the midst of the fortnight that marks three years since an economic crime, unprecedented in our history, was committed. The ‘haircut’ of bank deposits was a repugnant and unprecedented political act. It was in effect national theft with the main protagonists being the 56 demagogues that made up the House of...

February 23rd, 2016The House finance committee on Tuesday said that 99 per cent of provident funds would be shielded from a ‘bail-in’ or haircut on deposits, under legislation to be put to the vote this week or the next.
The committee has wrapped up discussion of a batch of bills regulating the failure of banks and investment firms. Cyprus needs to...

January 26th, 2016By Angelos Anastasiou
The Cyprus government should have applied to the European Stability Mechanism (ESM) for support as soon as the decision to write down privately-held Greek sovereign debt was announced, former Finance minister Vasos Sharly told the court on Tuesday.
Sharly, who served as minister from March 2012 to February...

January 3rd, 2016By Angelos Anastasiou
A GRAND Chamber comprising 15 judges of the European Court of Justice (ECJ) will hear a number of appeals brought by Cypriot bank depositors, who lost their money in the March 2013 ‘haircut’ against the European Commission and the European Central Bank on February 2, 2016, the Sunday Mail has...

December 17th, 2015By Evie Andreou
THE guardians of the children orphaned in the 2005 Helios crash who saw their compensation money slashed during the bank deposits haircut in 2013 are unsure what part of that money will be returned by the government.
Earlier in the week, Humanitarian Affairs commissioner Fotis Fotiou announced that the relevant...

December 16th, 2015Around 30 children orphaned in the 2005 Helios crash are see part return of the money slashed from their compensation during the 2013 deposits haircut, Commissioner for Humanitarian Affairs Fotis Fotiou said on Wednesday.
He said the cabinet had also approved the hiring into the public service of one relative from each of the...

October 16th, 2015THE CYTA pension fund lost 33 per cent of its value, it was reported in the press on Tuesday. The assets of the fund at the end of 2012, according to the report, were €955m, but by the end of 2014 these had fallen to €646m, because of the wiping out of deposits in Laiki Bank, the bailing in of deposits at the Bank of Cyprus and the...

October 15th, 2015THERE might still be seven months to go, but it seems the parties have already begun operating with May’s parliamentary elections in mind. There could be no other explanation for the decision of the House Watchdog committee to discuss the big outflow of capital, in the period leading up to the March 2013 Eurogroup decisions and the...

October 7th, 2015By Angelos Anastasiou
The money lost in the March 2013 haircut of deposits should be the subject of a political arrangement, DIKO leader Nicolas Papadopoulos and representatives from the Bondholders’ Association agreed on Tuesday.
Speaking after a meeting with association delegates Papadopoulos said they exchanged views on how...

October 6th, 2015By Angelos Anastasiou
As Legacy Laiki Special Administrator Chris Pavlou’s six-month appointment expired at midnight Monday, an amendment to the resolution law was tabled at Monday’s session of the House finance committee, transferring the right to appoint a special administrator from the Central Bank to its...

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